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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Transcontinental Realty Investment Inc | NYSE:TCI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.24 | -0.82% | 28.96 | 29.20 | 28.285 | 29.19 | 7,704 | 21:00:06 |
Transcontinental Realty Investors, Inc. (NYSE: TCI), is reporting its results of operations for the quarter ended September 30, 2020. For the three months ended September 30, 2020, the Company reported a net income applicable to common shares of $7.7 million or $0.88 per diluted share, compared to a net loss applicable to common shares of $7.8 million or $0.89 per diluted share for the same period in 2019.
COVID-19
The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. COVID-19 did not have a significant impact on the Company’s results of operations or cash flows during the three months ended September 30, 2020.
The future impact of COVID-19 on the Company’s business and financial activities will depend on future developments, which at this stage are unpredictable considering the fluctuations of COVID-19 outbreaks and the resulting changes in the markets.
Financial Results
Rental revenues were $11.5 million for the three months ended September 30, 2020, compared to $11.4 million for the three months ended September 30, 2019. For 2020, we generated revenues of $7.8 million and $3.7 million from our commercial and multifamily segments respectively.
Net operating (loss) was ($1.5) million for the three months ended September 30, 2020, compared to $0.4 million for the same period in 2019. The $1.9 million increase in net operating loss is primarily due to the placement in service of two new multifamily apartment communities in 2020. Operating expense of new properties generally exceed their rental revenues during initial lease-up.
Interest income was $4.3 million for three months ended September 30, 2020, compared to $5.2 million for the same period in 2019. The decrease of $0.9 million in interest income was primarily due to collection on notes receivable in 2020.
Interest expense was to $6.3 million for the three months ended September 30, 2020, compared to $8.0 million for the same period in 2019. The $1.7 million decrease in interest expense was primarily due to the refinancing of the mortgage note payable on Browning Place in 2019.
Loss on foreign currency transactions was a loss of $1.5 million for the three months ended September 30, 2020 as compared to $5.2 million for the same period in 2019. The decrease is foreign currency loss was due a decrease in the exchange rate from U.S. Dollars to the Israel Shekel offset in part by a reduction in the bonds outstanding.
Gain on sale or write-down of assets increased $7.2 million for the three months ended September 30, 2020, compared the same period in 2019. The increase is primarily due to the sale Bridgeview Plaza for $5.3 million, resulting in a gain of $4.8 million in 2020, and the sale of Farnham Park Apartments for $13.3 million, resulting in a gain of $2.7 million.
About Transcontinental Realty Investors, Inc.
Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including apartments, office buildings, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. For more information, visit the Company’s website at www.transconrealty-invest.com.
TRANSCONTINENTAL REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share amounts) (Unaudited) For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30,2020
2019
2020
2019
Revenues: Rental revenues (including $262 and $212 for the three months and $673 and $527 for the nine months ended 2020 and 2019, respectively, from related parties)$
11,453
$
11,407
$
34,461
$
34,352
Other income
706
1,990
3,885
7,394
Total revenues
12,159
13,397
38,346
41,746
Expenses: Property operating expenses (including $254 and $237 for the three months ended and $750 and $741 for the nine months ended 2020 and 2019, respectively, from related parties)
6,388
5,403
18,507
18,722
Depreciation and amortization
3,526
3,416
10,338
9,964
General and administrative (including $1,017 and $935 for the three months ended and $2,783 and $3,355 for the nine months ended 2020 and 2019, respectively, from related parties)
1,643
1,929
7,063
6,468
Advisory fee to related party
2,139
2,200
6,483
6,196
Total operating expenses
13,696
12,948
42,391
41,350
Net operating (loss) income
(1,537
)
449
(4,045
)
396
Interest income (including $3,752 and $4,618 for the three months ended and $11,255 and $13,483 for the nine months ended 2020 and 2019, respectively, from related parties)
4,348
5,232
13,102
14,668
Interest expense (including $380 and $514 for the three months ended and $1,193 and $1,517 for the nine months ended 2020 and 2019, respectively, from related parties)
(6,291
)
(8,037
)
(21,999
)
(23,642
)
(Loss) gain on foreign currency transaction
(1,470
)
(5,153
)
774
(13,296
)
Loss on extinguishment of debt
-
(5,219
)
-
(5,219
)
Income (losses) from unconsolidated joint ventures
365
(178
)
(740
)
(1,474
)
Gain on sales or write-down of assets
12,328
5,140
21,802
9,409
Income tax expense
(50
)
-
(346
)
-
Net income (loss)
7,693
(7,766
)
8,548
(19,158
)
Net income attributable to non-controlling interest
-
(21
)
(400
)
(583
)
Net income (loss) attributable to common shares$
7,693
$
(7,787
)
$
8,148
$
(19,741
)
Earnings (loss) per share - attributable to common shares Basic and diluted$
0.88
$
(0.89
)
$
0.93
$
(2.26
)
Weighted-average number of common shares outstanding: Basic and diluted
8,717,767
8,717,767
8,717,767
8,717,767
TRANSCONTINENTAL REALTY INVESTORS, INC. CONSOLIDATED BALANCE SHEETS (dollars in thousands, except share and par value amounts) (Unaudited) September 30, 2020 December 31, 2019
Assets
Real estate, net$
380,715
$
387,790
Notes receivable (including $66.287 in 2020 and $57,817 in 2019 from related parties)
123,854
112,357
Cash and cash equivalents
32,967
51,179
Restricted cash
28,030
32,082
Investment in unconsolidated joint ventures
71,171
81,780
Receivable from related parties
140,050
141,541
Other assets
68,558
59,189
Total assets
$
845,345
$
865,918
Liabilities and Equity
Liabilities: Mortgages and notes payable$
242,300
$
245,773
Bonds payable
203,192
223,265
Accounts payable and other liabilities (including $937 in 2020 and $935 in 2019 to related parties)
24,642
26,115
Accrued interest payable
3,281
7,230
Deferred revenue
9,315
9,468
Total liabilities
482,730
511,851
Equity Shareholders' Equity: Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares at September 30, 2020 and December 31, 2019.
87
87
Treasury stock at cost, 200 shares in 2020 and 2019
(2
)
(2
)
Paid-in capital
257,853
257,853
Retained earnings
82,813
74,665
Total shareholders' equity
340,751
332,603
Non-controlling interest
21,864
21,464
Total equity
362,615
354,067
Total liabilities and equity
$
845,345
$
865,918
View source version on businesswire.com: https://www.businesswire.com/news/home/20201112006104/en/
Transcontinental Realty Investors, Inc. Investor Relations Erik Johnson (469) 522-4200 investor.relations@transconrealty-invest.com
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